On Monday April 2 Jagati Publications’ vice-chairman V. Vijay Sai Reddy said to CBI court that at the time of his seven month administration as a director of the board.Jagati Publications had not taken any investments from outside.
Mr Sai Reddy made the submission in his second bail petition moved in court on Monday.
He made the submission to refute the CBI’s allegation that he facilitated Kadapa MP Y.S. Jagan Mohan Reddy to reap undue benefits in the form of investments in his firms from beneficiaries as quid pro quo. He was director on the board of Jagati Publi-cations from November 14, 2006 to June 21, 2007.
“During my seven-month term, not a single investment came from outside shareholder groups and hence the allegation can’t be attributed to me.
The first investment from outside came on August 9, 2007, that is, after my resignation,” Mr Vijay Sai Reddy said. He maintained that all the allegations levelled against him in the chargesheet are absolutely false and incorrect.
“I have not committed any offence as alleged in the chargesheet and all the allegations are based on assumptions and presumptions,” the petitioner said, and maintained that he was falsely implicated in the case just because he happened to be financial adviser to Mr Jagan Mohan Reddy.
He maintained that except for his role as professional chartered accountant and financial advisor, he didn’t play any role in Mr Jagan Mohan Reddy’s group of companies.
“He has cooperated with the investigation agency by attending to them on 30 occasions and was interrogated at length for over 300 hours,” the counsel for the petitioner said, adding that there is no likelihood of the petitioner interfering with the investigation agency and no purpose would be served by putting him behind bars either.
YSR favoured actor’s wife, caused losses.
YSR favoured actor Krishna’s wife Vijaya Nirmala and others by not acquiring their 11.26 acre lands for the Emaar project.P. Ramgopal Rao, who worked as special deputy collector, land acquisition (industries), in Ranga Reddy district between June 2005 and June 2008, gave a witness statement.
“The 11.26 acre of land owned by G. Vijaya Nirmala, Naveen Kumar, S. Ramanand and S. Ravi Kumar was proposed to be acquired,” said Mr Rao.“Ms Nirmala and others moved a proposal to CM for deleting this land from acquisition for the APIIC project.” Later, the CMO instructed official not to proceed with the land acquisition.
Meanwhile, senior IAS official S.P. Singh said the Cyberabad Develop-ment Authority was deprived of Rs 28.86 crore due to the exemptions of conversion and development charges given to the Emaar project.
During the years between 2005 and 2005 Mr Singh, who was principal secretary, municipal administration mentioned that Dr Y.S. Rajasekhar Reddy was a chief minister has taken decision to waive the charges and this proposal was put before VC and MD of APIIC
